Luciano Benetton recently made a strong denunciation in an interview with Corriere della Sera, stating that he was betrayed in the true sense of the word. Despite having left his company over a decade ago, he reflected on the recent events that have affected the company that was founded by him and his brothers, before being handed over to the next generation. Luciano ceded control to his son Alessandro, but has now decided to step away from the company due to recent disappointments. He emphasized that this decision was made in consideration of the employees, families, and customers who have trusted the brand.
Benetton recalled the years leading up to his return to the company in 2018, when financial troubles prompted his brother Gilberto to seek his help. Despite efforts to turn the company around and bring it back to profitability, a trusted manager was brought in at the end of 2019 who failed to consult with Benetton on key decisions, leading to further disappointments. Benetton admitted that he trusted too easily, attributing his behavior to his cultural upbringing and beliefs that those acting on his behalf were doing so conscientiously.
The impact of Covid-19 forced a revision of the company’s financial projections, with a new goal of balancing the books by 2023. However, despite assurances from managers that everything was under control, Benetton sensed discrepancies in the numbers and a distinct lack of competence and humility in the company’s new leadership. When Benetton finally raised alarm bells and confronted the managers, a significant financial gap was revealed, causing shock and disbelief within the company.
After expressing his concerns to the new management team, Benetton eventually uncovered a significant financial shortfall during a board meeting, leading to the realization that crucial information had been withheld. Benetton expressed his grave disappointment with the situation, stating that the emerging truths were a disgrace and that further investigations would be conducted to determine the extent of the mismanagement. He attributed the failures to either incompetence or a deliberate attempt to hide the company’s true financial state.
Looking towards the future, Benetton acknowledged his mistake in trusting the wrong people, but reiterated his commitment to taking responsibility for the situation. He announced plans for a turnaround strategy, acknowledging that years had been lost due to mismanagement and that sacrifices would need to be made. Despite the challenges ahead, Benetton expressed determination to revitalize the brand that bears his family’s name and restore it to its former glory.
